The US government’s budget deficit surged to an all-time high of USD 1.7 trillion for the first six months of this budget year, nearly double the previous record, as another round of economic-support checks added billions of dollars to spending last month. In its monthly budget report, the Treasury Department said Monday that the … Read more
The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing … Read more
How things change! In just one decade, fiscal austerity has gone from being a virtue to a vice. The IMF, which used to hold fiscal austerity as gospel, has since buried that faith. It now urges countries, at any rate the rich ones, to borrow and spend generously – not just for their own good … Read more
The topic of the meeting is ‘Final discussion on GDP growth, tax buoyancy of the Centre and the States, GST compensation, revenue deficit grant and fiscal consolidation’ The 15th Finance Commission will hold a meeting with its economic advisory panel on Friday to discuss issues of GDP growth, GST compensation and fiscal consolidation. Chairman N.K. … Read more
NEW DELHI: The government is likely to cap its overall spending on coronavirus-related relief at around Rs 4.5 lakh crore ($60 billion), due to concerns that excess spending could trigger a sovereign rating downgrade, two senior government officials said. “We have to be cautious as downgrades have started happening for some countries and rating agencies … Read more
Despite the strain on government finances due to the COVID-19 pandemic, there is no credible proposal to amend the legislation meant to control the fiscal deficit, Chairman of the 15th Finance Commission N.K. Singh said. Speaking to presspersons after a two-day meeting of the Commission’s Economic Advisory Council, Mr. Singh said the government was currently … Read more
One of the most awaited event. Everyone is expecting the moon. Answers to economic revival might not be as fiscally stressful as most think !